Reasons why Solana NFTs may have something more in store this bear season
According to data from analytics platform Santiment, Solana [SOL] reached 1.65 million in NFT sales as of 26 September. This was the highest it stood at in September. However, can Solana’s growth in the NFT space keep SOL afloat?
As can be seen from the image below, Solana’s NFT’s volume has been growing steadily over the past month. Some of the hype behind this spike in NFT’s could be attributed to Solana’s highest performing NFT degods and the newly introduced y00ts NFT’s.
These NFT didn’t just help in pumping up the volume but also helped drive the overall floor value of Solana’s marketplace.
Solana’s NFT growth can also be indicated by the increase in the total floor value of the Solana NFT marketplace. The hike in the value began on the 21 August when the total floor value was at 341,806,095. At the time of writing, this value has gone all the way up to 518,927,609.
Furthermore, it can also be observed from the image below the total floor value of NFT’s in the Solana market place witnessed significant growth over the past month.
But that’s not all. The number of Solana NFT’s released were on the rise as well. According to everstake pool, a decentralized staking provider, the number of minted Solana NFTs also witnessed considerable growth.
Furthermore, the community tweeted on the 25 September about how a massive uptick was witnessed in terms of Solana NFT’s released on their NFT platform metaplex. The platform witnessed 1,219,289 of Solana NFT’s releases over the past week. This can be taken as another sign of growth for Solana’s marketplace.
On a sour note…
Despite everything going all sunny for Solana, there were some alarming factors to look out for as well. The number of traders, buyers, and sellers witnessed a steep decline in their activity levels over the past few days. This could be perceived as a bearish indicator by some investors.
Even though Solana’s NFT’s were doing really well, SOL wasn’t very impressive in this bearish market.
SOL’s currently trading at $32.72 at the time of writing and surged by 7.2% in the last 24 hours. Furthermore, its volume depreciated by 64% over the past seven days. However, Solana’s marketcap dominance witnessed a surge and saw an impressive spike of 7.49% over the last week.
Solana happens to be responsible for 1.16% of the total crypto market share. Although Solana’s volatility has been on the decline, readers are advised to be cautious before entering into a trade.
Looking into Solana’s energy consumption could be a good start for investors to get a better understanding of what the future looks like for SOL.